Overview
The new U.S. tariff regime has jump-started market volatility and sent investors searching for answers as to the ultimate end game of the Trump administration and how the economy, earnings and share prices could be affected. In this issue of Aspire, we offer thoughts on current market dynamics, assess the political environment, and consider other timely investment and planning topics.
At times like these, overreacting can be the enemy, but that does not mean you should sit on your hands and do nothing.
Featured Articles
Aspire to... INNOVATE
The Rise of Active ETFs
Tax-sensitive investors are increasingly turning their attention to Active ETFs and the benefits they can provide.
Exchange traded funds (ETFs) have proven to be a versatile tool to achieve diverse investment objectives and often comprise a cornerstone of modern portfolios, offering a blend of tax efficiency, trading flexibility and transparency. While passive strategies have long dominated the ETF landscape, actively managed strategies are now making headway. Below, we explore the growth of active ETFs, their structural advantages, and an innovative method of converting existing assets to ETFs where appropriate.
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Aspire to... ENGAGE
Trump 2.0: The First Hundred Days
The U.S. president is “everywhere, all at once,” but how risky is his aggressive approach?
Donald J. Trump has hit the ground running in driving the policy agenda. Some actions have been fairly predictable, including tough actions on immigration, the unwinding of regulations and more assertive trade policy. But the scale and speed of federal jobs cuts, hostile treatment of allies and, especially, the extent of a proposed tariff regime have caught many off guard. Worries over the impact of tariffs on the economy have contributed to a spike in market volatility. We connected with political analyst Frank Kelly to explore the initial dynamics of Trump 2.0.
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Aspire to... ADVANCE
Artificial Intelligence: The Engine That Could
Market volatility aside, development of this key technology shows no sign of slowing.
The introduction of the artificial intelligence application DeepSeek in January was a shock to both the tech and investment worlds, adding a new dimension to global competition and creating uncertainty around the bull thesis behind AI. Despite reported minimal capital outlays and U.S. limitations on cutting-edge technology exports, the Chinese-owned app was able to deliver results that rivaled more dominant, scaled providers at apparently a fraction of the cost. Even as questions arose as to whether DeepSeek had piggy-backed off of existing open-source models (such as Meta’s Llama), markets questioned the growth of some chipmakers and the priorities of major tech companies, which have been spending billions of dollars to build increasingly complex AI models and data centers.
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Aspire to... GIVE
Amplifying Your Charitable Impact in Planning Significant Gifts
Moving beyond routine giving may require careful planning, negotiation and a clear written agreement.
As a regular donor to specific charities, you may occasionally receive requests for more significant contributions. These appeals may arise from capital campaigns, urgent funding needs or special initiatives. While such requests often represent exciting opportunities, they can also entail a much larger investment of philanthropic capital relative to your regular annual donations. As such, they may warrant more consideration, and a carefully drafted gift agreement, to avoid any misunderstandings.
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Aspire to... EXPLORE
New Horizons in Global Citizenship
In a complex world, more individuals are exploring securing additional residence or citizenship abroad.
A decade ago, few Americans considered obtaining additional residence or citizenship status in other countries. However, the COVID era of lockdowns and cross-border immobility reinforced the value of having an additional passport to those accustomed to traveling freely when desired. Fast forward to 2025, and recent political and economic shifts have sharply increased interest in foreign residence rights and supplemental citizenship.
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